fit and proper assessment

What is fit and proper assessment?

fit and proper assessment definition and meaning on Finance terms:
Supervisory authorities assess whether candidates for the management bodies in banks are fit and proper. The ECB takes such fit and proper decisions for directors of the 119 biggest banks in the euro area, whereas fit and proper decisions for less significant institutions are taken by the national supervisors, except where a new banking licence is being granted. <

 

reference: https://www.ecb.europa.eu/home/glossary/html/index.en.html

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